Savings update: Average rates are rising across the board for first time in seven years

Published by Stephen Little on 31 October 2018.
Last updated on 31 October 2018

Savings rates across the board continue to rise, while Nottiingham Building Society has launched a market-beating easy-access account.

The top easy-access deal is the Goldman Sachs Marcus account at 1.5%

Other good deals include Shawbrook’s Easy Access account paying 1.4%, while Paragon Bank Limited Edition Easy Access account and French-owned RCI Bank’s Freedom account pay 1.37%.

The Marcus account comes with a bonus of 0.15 percentage points for a year, but you can renew for another 12 months. Virgin Money pays 1.42% to new savers on its Double Take E-Saver, but it limits you to two withdrawals a year.

On fixed-rate bonds, OakNorth pays 1.8% for six months, while the top one-year rate is 2.03% from Shawbrook Bank followed by OakNorth Bank at 2.02%.

Charter Savings Bank pays the top 18-month rate at 2.11%, while the best two-year rate is 2.3% from OakNorth.

On easy-access tax-free cash Isas, Leeds Building Society’s Limited Issue Online Access Isa pays 1.38%, but the account runs only until December next year.

Virgin Money Double Take E-Isa also pays 1.38%, although you are restricted to two withdrawals a year. Paragon Bank’s Limited Edition Cash Isa pays 1.37% with no withdrawal restrictions or end date.

On one-year fixed-rate cash Isas, Paragon Bank offers 1.55%, and Charter Savings Bank and Bank of Cyprus UK both pay 1.54%.

The top two-year deals are 1.82% from Bank of Cyprus UK, or 1.81% from Charter Savings Bank.

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